Four Traits of Companies That Have Achieved International Business Growth
by Jason Kumpf of World Wits
Over half (57% Plus) of Google’s revenue comes globally, outside the U.S. Apple, another super power in the tech industry has a similar split internationally, with an impressive 60% of its fourth-quarter revenue coming from the international markets as of 2014.
The question is why is it that only a section of companies experience tremendous expansion internationally or success in international business growth, while others struggle in the foreign markets? Let us consider four major traits associated with enterprises that have inevitably achieved international business growth.
Working With the Right Business Partners
High-performing international businesses run an ecosystem of resellers, channel relationships, and partners that help to expand them internationally. Carefully choosing your international partners is imperative when it comes to initiating the move to enter overseas markets, and especially when you intend to push out competitors (so as to stand firmly as a force in the market).
An example of such partnership is Apple’s relationship with China Mobile. China Mobile, arguably the largest wireless network globally, helped Apple become the number one smartphone producer in China. A year following the announcement of the deal, the company (Apple) moved past five of its local competitors.
Knowing your Metrics
Many enterprises in the United States and beyond who have seen their international revenues soar have become more diligent when it comes to analyzing their international marketing data and sales. Companies that struggle with international business growth tend to have a difficult time answering the below basic questions:
- What are your top ten countries based on revenue share and customer base?
- What is the percentage of your budget allocated toward international business growth?
- What is the percentage of your marketing team assigned to international markets?
Often, obtaining an accurate version of the above data can help a company get a clearer understanding of their international picture.
Putting Customers First
According to statistical data from the United States regarding global businesses with the longest and strongest track record of international growth; all have this essential trait: (putting consumers first) in common. If their customers are beyond their home market, customer-centric organizations usually make an effort to go an extra mile in a bid to achieve their goals.
These companies view international marketing and localization less as a burden. They see it as a benefit, which allows them to attract clients in other markets, serve them better, and make them advocates for their brands. This can pre-empt their local current competitors that aren’t going global.
Favoring the Web
Enterprises that focus on delivering web-based services and products, including SaaS, PaaS, e-commerce, as well as consumer web and mobile, usually experience turbo-charged international growth. The reason for this is because they have the capacity to take their software international without making enormous investments.